China cracks down on tech titans: billionaire loses $ 27 billion in world’s biggest loss of wealth

China cracks down on tech titans: billionaire loses $ 27 billion in world’s biggest loss of wealth


For the past 11 months, China has cracked down on its internet giants.

As China begins to silence its internet billionaires, companies like Tencent, Alibaba Group, Ant Group, Didi, and others face growing regulatory pressures.

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For the past 11 months, China has cracked down on its internet giants.

As China begins to silence its internet billionaires, companies like Tencent, Alibaba Group, Ant Group, Didi, and others face growing regulatory pressures.

The Chinese government’s antagonistic approach has resulted in the world’s greatest loss of wealth.

The Chinese stock markets have already lost around three quarters of a trillion dollars.

According to Bloomberg, Colin Huang, founder of the Chinese e-commerce platform Pinduoduo Inc (PDD), has the nasty accolade of being the man who lost the most money this year.

Huang’s net worth has declined by $ 27 billion (RMB 174 billion), according to Bloomberg’s Billionaire Index.

The reason for the historical decline is a free fall in the price of the Pinduoduo share after the CCP’s action against Internet giants.

Huang’s abrupt decline is the most extreme of all the index’s participants.

Hui Ka Yan, chairman of Evergrande, one of China’s leading real estate developers and currently in debt, only lost $ 16 billion.

According to the Bloomberg ranking, six of the ten billionaires with the biggest wealth declines this year are from China.

Zhong Shanshan, chairman of bottled water maker Nongfu Spring Co, has lost $ 18 billion, as has Hui, contested developer Evergrande, and Tencent’s Pony Ma, who has lost more than $ 10 billion.

(With contributions from agencies)

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